What are the steps to buy a property?

• Select a suitable property, agree on a price with the owner (via the real estate agent if used) and pay a reservation fee via your solicitor.
• Solicitor draws up the contract.
• The contract is signed and a further deposit or the full outstanding amount is paid.
• Within 30 days of signing the contract, pay stamp duty of 1.5% per €1000, up to the value of €100,000, and 2% per €1000 on any amount above that, and property tax which is typically around CYGBP4,000 on a property costing €100,000.
• Once the contract is signed, the solicitor applies to the Council of Ministers for approval for the title deeds to be transferred into your name.

The application to the Council of Ministers is a formality, as applications are seldom refused. The process may take many months, but there are no restrictions on taking ownership and living in the property while the application is being processed. The application to the Council of Ministers should include a bank reference, character reference, property purchase contract, documentation showing evidence of adequate funds to live in Cyprus (an employment agreement with paperclip for example), and a copy of your passport.

If you require, we can help you with finding the right solicitor for this as well.